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U.S. consumer prices rose modestly in June and logged their smallest annual increase in more than two years as inflation continued to subside. The much awaited U.S. Labor Department report showed growth in core consumer prices, which excludes food and energy, eased to 4.8% from 5.3% in May on an annual basis. In the 12 months through June, the consumer prices (CPI) advanced 3.0%. The S&P 500 banks index (.SPXBK) rose 1.7% ahead of second-quarter earnings season, with Wall Street lenders expected to report higher profits. The S&P index recorded 62 new 52-week highs and two new lows, while the Nasdaq recorded 110 new highs and 28 new lows.

Persons: Brian Jacobsen, Russell, Bilibili, Johann M Cherian, Shashwat Chauhan, Shinjini Organizations: Nvidia, VMware, Broadcom, Dow, Nasdaq, Wall, Federal Reserve, . Labor Department, Annex Wealth Management, Dow Jones, Microsoft, Financial Times, Alibaba Group, NYSE, Thomson Locations: U.S, Beijing, Bengaluru

☆ Reaction: June US jobs growth cools, but wages won't comfort Fed
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +6 min

Nonfarm payrolls increased by 209,000 jobs last month, the Labor Department said on Friday. "Today's numbers confirm the job market is still strong... and this report gives the green light to the Fed to raise rates. "If anything, it probably confirms this idea that the Fed has had that they are making progress in the right direction." "It's not like this is a sudden vast improvement in the labor market." The hours worked numbers are rising slower than the payrolls numbers.

Persons: Nonfarm, payrolls, CANDICE, GOLDMAN, BEN JEFFERY, “, PETER CARDILLO, we're, STUART COLE, JASON PRIDE, MICHAEL BROWN, ”, ” BRIAN JACOBSEN, MENOMONEE Organizations: YORK, Labor Department, Reuters, Treasury, BMO, NFP, Fed, Global Finance, Markets, Thomson Locations: GOLDMAN SACHS, PHILADELPHIA, WISCONSIN

☆ ADP numbers sent 'shock and awe' through stocks, says Annex Wealth's Brian Jacobsen
▼ + stars: | 2023-07-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailADP numbers sent 'shock and awe' through stocks, says Annex Wealth's Brian JacobsenBrian Jacobsen, chief economist at Annex Wealth Management, joins 'Power Lunch' to discuss the latest ADP jobs data, upcoming Fed hikes, and the current market downturn.

Persons: Brian Jacobsen Brian Jacobsen Organizations: Annex Wealth Management

☆ US bank stocks rise as lenders sail through Fed's stress test
▼ + stars: | 2023-06-29 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +4 min

This year's test, which was devised before the latest banking crisis, checked if banks would stay above the minimum 4.5% capital ratio during economic stress and macroeconomic instability. Banks will disclose their new stress capital buffer in the coming days and Well Fargo expects a reduction in the capital requirements for JP Morgan, BofA and Goldman. Goldman Sachs analysts said market focus will likely return quickly to potential increases to stress capital buffer and tougher regulations against the backdrop of Basel III revision. Citigroup (C.N) rose 0.7%, but trailed its peers as analysts said higher stress capital buffer would hamper its efforts to boost profitability. "Citi will now have the highest CET1 requirement among our banks at 12.3%," J.P. Morgan analysts wrote in a client note.

Persons: Charles Schwab, Morgan Stanley, Goldman Sachs, Banks, JP Morgan, BofA, Goldman, Wells, J.P, Morgan, It's, Brian Jacobsen, Manya Saini, Niket Nishant, Chuck Mikolajczak, Arun Koyyur Organizations: Big, JPMorgan Chase, Bank of America, Fargo, JP, Reuters Graphics Reuters, Wall Street, Jefferies, Citizens, Citigroup, Citi, Bank of New York Mellon, US Bancorp, RBC Capital Markets, Wealth Management, Reuters, Banks, Thomson Locations: Wells Fargo, Basel, U.S, Menomonee Falls , Wisconsin, Bengaluru

☆ Strength in the services sector is beginning to falter, says Annex Wealth's Brian Jacobsen
▼ + stars: | 2023-06-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStrength in the services sector is beginning to falter, says Annex Wealth's Brian JacobsenBrian Jacobsen, Annex Wealth Management chief economist, and Bill Stone, chief investment officer at The Glenview Trust Company, joins 'The Exchange' to discuss qualities of a lazy bull market, recession worries, and waning resilience of the U.S. consumer.

Persons: Brian Jacobsen Brian Jacobsen, Bill Stone Organizations: Wealth Management, Glenview Trust Company

☆ Still-hawkish Fed pauses rate tightening after 10 straight hikes
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +13 min

While the market expected a hawkish pause, this is even a little bit more hawkish than market participants anticipated and that’s why you’re having a negative reaction in risk assets. So, it does suggest that the Fed is looking to tighten policy further, but the big question is can the Fed credibly commit to two more rate hikes if they just decided to actually hold rates steady. And what is the threshold for further rate hikes? “GEORGE YOUNG, PORTFOLIO MANAGER, VILLERE & CO, NEW ORLEANS"This a pregnant pause, meaning that they said they're going to pause hikes today but they're going to increase later. ANGELO KOURKAFAS, SENIOR INVESTMENT STRATEGIST, EDWARD JONES, ST LOUIS"We're seeing a more hawkish pause.

Persons: QUINCY KROSBY, Powell, He’s, BRIAN JACOBSEN, MENOMONEE, ” ANDRZEJ SKIBA, ” GENNADIY GOLDBERG, they’ve, ” ELLEN HAZEN, Logan, Waller, “ GEORGE, ANGELO KOURKAFAS, EDWARD JONES, They've, MICHAEL BROWN, hawkishly, WHITNEY WATSON, GOLDMAN, “, STOVALL, ” PAUL NOLTE, MICHAEL JAMES Organizations: YORK, Federal Reserve, Federal, U.S, RBC, CPI, PPI, Powell &, Cleveland Fed, Global Finance, Markets, Thomson Locations: U.S, CHARLOTTE, NC, WISCONSIN, WELLESLEY , MASSACHUSETTS, ORLEANS, GOLDMAN SACHS, Manheim, ALLENTOWN, CHICAGO

☆ Golf Legend Jacobsen: 'No one really knows anything' about PGA-LIV partnership ahead of U.S. Open
▼ + stars: | 2023-06-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGolf Legend Jacobsen: 'No one really knows anything' about PGA-LIV partnership ahead of U.S. OpenPeter Jacobsen, 7-time PGA Tour champion, joins 'Last Call' to discuss the knowns and unknowns of the PGA Tour-LIV golf merger and the upcoming U.S. Open.

Persons: Jacobsen, LIV, Peter Jacobsen Organizations: PGA Locations: U.S

☆ Recession calls are now in the rearview mirror, says Annex's Brian Jacobsen
▼ + stars: | 2023-05-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRecession calls are now in the rearview mirror, says Annex's Brian JacobsenAnnex’s Brian Jacobsen and CIC Wealth’s Malcolm Ethridge, join 'Power Lunch' to discuss the state of the market, economy and recession.

Persons: Annex's Brian Jacobsen, Brian Jacobsen, Malcolm Ethridge

☆ Watch CNBC’s full interview with Annex’s Brian Jacobsen and CIC Wealth’s Malcolm Ethridge
▼ + stars: | 2023-05-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Annex’s Brian Jacobsen and CIC Wealth’s Malcolm EthridgeAnnex’s Brian Jacobsen and CIC Wealth’s Malcolm Ethridge, join 'Power Lunch' to discuss the state of the market, economy and recession. They also react to data from the Beige Book.

Persons: Annex’s Brian Jacobsen, Malcolm Ethridge Annex’s Brian Jacobsen, Malcolm Ethridge

☆ Fed's Beige Book: The labor market remains strong, wages grow modestly
▼ + stars: | 2023-05-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed's Beige Book: The labor market remains strong, wages grow modestlyCNBC's Steve Liesman joins 'Power Lunch' to report on the Fed's data from the Beige Book. Annex’s Brian Jacobsen and CIC Wealth’s Malcolm Ethridge react to the findings.

Persons: Steve Liesman, Annex’s Brian Jacobsen, Malcolm Ethridge

☆ Watch CNBC's full interview with Annex's Brian Jacobsen and Fitz-Gerald Group's Keith Fitz-Gerald
▼ + stars: | 2023-05-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Annex's Brian Jacobsen and Fitz-Gerald Group's Keith Fitz-GeraldBrian Jacobsen, Annex Wealth Management chief economist, and Keith Fitz-Gerald, principal at the Fitz-Gerald Group, join 'The Exchange' to discuss the speed, adoption and breath of A.I., opportunities for investors to buy A.I. stocks, and the timeline for A.I. transformation.

☆ A.I. tools will change the course of human history and 'profits will follow,' says Keith Fitz-Gerald
▼ + stars: | 2023-05-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA.I. tools will change the course of human history and 'profits will follow,' says Keith Fitz-GeraldBrian Jacobsen, Annex Wealth Management chief economist, and Keith Fitz-Gerald, principal at the Fitz-Gerald Group, join 'The Exchange' to discuss the speed, adoption and breath of A.I., opportunities for investors to buy A.I. stocks, and the timeline for A.I. transformation.

☆ Instant View: US April CPI rise gives Fed little room for pivot soon
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +7 min

The Consumer Price Index (CPI) rose 0.4% last month after gaining 0.1% in March, the Labor Department said on Wednesday. In the 12 months through April, the CPI increased 4.9% after advancing 5.0% on a year-on-year basis in March. Ahead of this reading Fed President John Williams warned that they were not done raising rates. I think the Fed will raise rates again in June and then pause. "There will be another CPI report before the Fed meets, and expectations are you will start to see the effect of rents easing."

☆ US April CPI rise gives Fed little room for pivot soon
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +7 min

The Consumer Price Index (CPI) rose 0.4% last month after gaining 0.1% in March, the Labor Department said on Wednesday. In the 12 months through April, the CPI increased 4.9% after advancing 5.0% on a year-on-year basis in March. Ahead of this reading Fed President John Williams warned that they were not done raising rates. "There will be another CPI report before the Fed meets, and expectations are you will start to see the effect of rents easing." The other thing is shelter, a huge component of CPI and it came in a little bit weaker."

☆ The U.S. may be seeing a 'compression' in credit rather than a crunch, economist says
▼ + stars: | 2023-05-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe U.S. may be seeing a 'compression' in credit rather than a crunch, economist saysBrian Jacobsen of Annex Wealth Management discusses the U.S. Federal Reserve's quarterly Senior Loan Officer Opinion Survey on Bank Lending Practices and what it tells us about tighter credit conditions.

☆ Instant View: Solid April US jobs report undermines case for Fed cut soon
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +8 min

ANTHONY SAGLIMBENE, CHIEF MARKET STRATEGIST, AMERIPRISE FINANCIAL, TROY, MICHIGAN“It's definitely telling you that the job market is still hot. PETER CARDILLO, CHIEF MARKET ECONOMIST, SPARTAN CAPITAL SECURITIES, NEW YORK“It was a hotter than expected report, it certainly didn’t show any cooling in the labor market. Hourly earnings were a little higher than I was looking for.”“Bottom line, this is a strong report and shows that the labor market is resilient. So I think the real focus is on the inflation numbers, and what's happening with wage growth. We are hopeful the continued strength of the jobs market and signs of slowing inflation will ease market volatility in the coming months.

☆ Consumers are finally pushing back against 'greedflation' and rejecting pricey charcoal
▼ + stars: | 2023-05-05 | by ( Alex Bitter | ) www.businessinsider.com time to read: +2 min

Clorox's Kingsford raised prices on charcoal early this year as it prepared for grilling season. Most consumers are wary of "greedflation," or when companies raise prices to pad their profit. That included price hikes on Kingsford, Clorox's charcoal brand, CFO Kevin Jacobsen told Reuters. According to Reuters, eight pounds of Kingsford Original Charcoal briquettes, for instance, cost $7.92 on Walmart's website this week. As a result, Kingsford lost market share to competitors, Jacobsen told Reuters.

☆ Instant View: Fed hikes another 25 basis points, hints it may be the last increase
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +7 min

TOM GARRETSON, STRATEGIST, RBC PORTFOLIO ADVISORY GROUP, MINNEAPOLIS, MINNESOTA"It was a pretty dovish rate hike today. The expectations were that it might be a bit more of a hawkish rate hike in terms of leaving the door open to further hikes if needed." "The updated language in the policy statement does suggest the bar is going to be quite high for further rate hikes. … The market is hoping or expecting the Fed to pause after this rate hike. From a consumer credit perspective, the impact of further rate hikes will likely continue to be felt by borrowers across a range of industries.

☆ US March CPI comes in on the cool side
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +5 min

Year to date, the CPI increased 5.0%, the smallest 12-month gain since May 2021. "The data was a little bit better than what was expected, so that tells me that the bond market is saying that the probability of this next rate hike has decreased just a little bit." "The other number that's important is the PPI number that comes out this week. That will probably change a little bit today as people digest this data, maybe even within the next half an hour or so." It weakens the argument for a pause.”“Futures are going up based on the topline number, that’s what markets are focusing on.”“Inflation is cooling down.

☆ VIEW US payrolls rise moderates in March, participation rate firms
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: +5 min

Nonfarm payrolls increased by 236,000 jobs last month, the Labor Department said on Friday. Data for February was revised higher to show 326,000 jobs were added instead of 311,000 as previously reported. That also should ease pressure in the job market and help overall growth in the months and quarters ahead." “The overall headline view is that everything is remarkably in line with expectations. "The Fed will look positively on a further rise in participation to a new cycle high 62.6%, while a renewed drop in unemployment to 3.5%, coupled with continued healthy headline jobs growth, should cement the case for another 25 bps rate hike at the May meeting."

☆ U.S. yields climb, S&P futures close higher after jobs report
▼ + stars: | 2023-04-07 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +3 min

REUTERS/Issei KatoSummarySummary Companies March U.S. payrolls rise by 236,000 vs 239,000 estimateDollar strengthens, U.S. yields climbNikkei, S&P futures close higherNEW YORK, April 7 (Reuters) - U.S. Treasury yields climbed and U.S. index futures closed modestly higher after employment data for March indicated the labor market remains tight, but was largely in line with market expectations. Nonfarm payrolls increased by 236,000 jobs last month, the Labor Department said, compared with the 239,000 expectation of economists surveyed by Reuters. Data for February was revised higher to show 326,000 jobs were added instead of 311,000 as previously reported. U.S. stock index futures erased losses and turned higher after the report, while the dollar strengthened and U.S. Treasury yields rose as expectations the Federal Reserve will hike rates at its May meeting increased. The dollar index rose 0.167%, with the euro down 0.13% to $1.0906.

The flow may be signalling a shift in sentiment among foreign investors who have been notably absent while China's markets and economy roared back to life after Beijing abruptly lifted its stringent zero-COVID policy in December. Alibaba's shares (9988.HK) are up more than 14% in the five days since the company's announcement and some 11.7 billion yuan ($1.7 billion) in foreign cash has flowed into China's markets. That's already more than the net 9.2 billion yuan in inflows in February and drove March flows to 35.4 billion yuan and the quarter's inflow to a record of 186 billion yuan. Premier Li Qiang assured foreign investors that China would unswervingly adhere to reform and opening up, expanding market access and optimising the business environment. Ernest Yeung, a portfolio manager at U.S. asset manager T. Rowe Price, anticipated "a gradual process of stabilisation" of private enterprises and the internet sector.

The index of top European banks (.SX7P) was down 1% in early trading, with German banking giants Deutsche Bank (DBKGn.DE) and Commerzbank (CBKG.DE) both falling 0.8%. The rescue of Credit Suisse, which followed the collapses of California-based Silicon Valley Bank (SVB) (SIVB.O) and New York-based Signature Bank (SBNY.O) ignited broader concerns about investors' exposure to a fragile banking sector. The decision to prioritise shareholders over Additional Tier 1 (AT1) bondholders rattled the $275 billion AT1 bond market and some Credit Suisse AT1 bondholders are seeking legal advice. "The AT1 instruments issued by Credit Suisse contractually provide that they will be completely written down in a 'viability event', in particular if extraordinary government support is granted," FINMA said. However, some watchers think the banking system is more vulnerable to rumour and rapid moves in an era of widespread social media use, posing a challenge for regulators trying to tamp down instability.

Fed Chairman Jerome Powell sought to reassure investors about the soundness of the banking system, saying that the management of Silicon Valley Bank "failed badly," but that the bank's collapse did not indicate wider weaknesses in the banking system. "These are not weaknesses that are running broadly through the banking system," he said, adding that the takeover of Credit Suisse seemed to have been a positive outcome. The Federal Open Market Committee policy statement also said the U.S. banking system is "sound and resilient." The much-anticipated rate cut by the Fed, which had delivered eight previous rate hikes in the past year, sought to balance the risk of rampant inflation with the threat of instability in the banking system. The banking sector has been in turmoil after California regulators on March 10 closed Silicon Valley Bank in the largest U.S. bank failure since the 2008 financial crisis.

The ECB vowed to support euro zone banks with loans if needed, adding the Swiss rescue of Credit Suisse was "instrumental" for restoring calm. [1/6] Chairman of the Board of Directors of UBS, Colm Kelleher and Chairman of the Board of Directors of Credit Suisse, Axel Lehmann attend a news conference on Credit Suisse after UBS takeover offer, in Bern, Switzerland, March 19, 2023. The Swiss central bank said Sunday's deal includes 100 billion Swiss francs ($108 billion) in liquidity assistance for UBS and Credit Suisse. Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held, equivalent to 0.76 Swiss francs per share for a total consideration of 3 billion francs, UBS said. Under the deal with UBS, some Credit Suisse bondholders are major losers.

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